Business Connections
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Business Connections #11/2008

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President's Letter

The New Year is well under way and the early signs are that it will be every bit as busy and challenging as 2006.  We expect AmCham to figure prominently in your plans as we have a long list of events and objectives we hope to achieve.
On a personal note, I am encouraged by my talks with a number of you who have expressed satisfaction with your results for last year and your expectations that 2007 may be even better. This is good to hear and we will look to have AmCham through its meetings, discussions and publications focus on the changes and progress that is being made. We will also continue to engage with government in providing constructive support for the many issues and programs we consider to be important. more

Letter from the Executive Director

2007 is taking a shape of a strategic and important year for all member companies of AmCham in Uzbekistan and our organization. We are building our efforts on a solid foundation achieved in 2006 when AmCham has brought together Uzbek governmental officials, experts in finance and economics, companies’ executives and ambassadors of the leading countries of the world’s economy. Our mission for 2006 was strengthening of our reputation as the leading authority on foreign investment and promoting our mission statement: more

Past Events - AmCham Annual General Assembly (December 07, 2006)

AmCham in Uzbekistan held its Annual General Assembly on December 07, 2006. more

Past Events - AmCham Monthly Members Meeting - UNDP (November 29, 2006)

The first guest speaker of AmCham’s Monthly Meeting in November 2006 was Fikret Akcura UNDP Resident Representative. Mr. Akcura gave a very comprehensive and detailed overview of UNDP activities in Uzbbekistan. more

Past Events - International Scientific-Practical Conference. “Issues of applying of best practice of corporate governance in Uzbekistan”
(November 1-2, 2006)

Don Niclolson, AmCham President, Aliev M.G., Director of the Higher School of Business within the Academy of State and Social Construction under the President of the Republic of Uzbekistan, Tatiana Okunskaya, AmCham Executive Director, and Ravshanov M.N., Head of the Center for Corporate Governance. more

Past Events - AmCham Monthly Members Meeting - Asaka Bank (October 26, 2006)

On 26 October 2006, AmCham welcomed to its monthly meeting as a guest speaker Jamshid M. Rakhmonov - Director, International Relations and Export- Import Operations Department, Member of the board of Management of Asaka Bank. more

Profile AmCham Director - YEVGENY ONOKHIN

Yevgeny Onokhin is a CIS Manager and Head of the Representative Office in Uzbekistan for NUKEM, Inc. He joined the company in June 1998.
In his current role, Yevgeny maintains and coordinates all of NUKEM’s business relations with its principle partner and sole uranium producer in Uzbekistan, Navoi Mining and Metallurgical Combine.  He also actively participates in developing and implementing various commercial nuclear fuel projects in other CIS countries where NUKEM is involved. more

Regional Roundtable Istanbul, Turkey
November 14, 2006

On November 13-14, 2006, the U.S. Chamber, under the auspices of the Eurasia Business Platform held a roundtable meeting in Istanbul, Turkey.  The EBP Roundtable brought together representatives from the U.S. Chamber’s affiliated American Chambers of Commerce (AmChams) from Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Turkey, and Uzbekistan as well as representatives from the International Road Transport Union (IRU), Organization for Security and Cooperation in Europe (OSCE) and the United Nations Development Program (UNDP).  Also in attendance were Turkish and American companies, most notably Coca-Cola, AIG, and Case New Holland. more

AmCham Regional News

The American Chamber of Commerce in Kazakhstan is going through a dynamic period of growth for the country’s investment and trade community, both foreign and domestic, and for the Chamber itself.  The Chamber’s membership has grown roughly twenty per-cent in 2006 and is expected to reach two hundred members by summer 2007.  Kazakhstan has been blessed with abundant natural resources, particularly in the oil and gas sector, which has fuelled growth exponentially over the past decade. more

Business Development Forum boosts
regional economic cooperation

URUMCHI (TCA) — The first Business Development Forum (BDF), jointly organized by the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD) and the All China Federation of Industry and Commerce (ACF-IC), in cooperation with the Chinese Government, took place in Urumchi on October 16 and 17. more

Interview - HM Ambassador Tashkent, His Excellency, David Moran

Q1: What is the current situation in economic, political, cultural, scientific and technological relations between the United Kingdom and Uzbekistan?

There have been many successful examples between the United Kingdom and Uzbekistan in these various fields in the years since independence. It remains important to build on these. more

Tax and Customs News

The information contained in this publication is for general guidance only.  You should neither act, nor refrain from acting, on the basis of such information.  The application of laws and regulations will vary depending on particular circumstances and may also undergo frequent change.  You should take appropriate professional advice relating to your particular circumstances and the current status of the laws and regulations.  PricewaterhouseCoopers disclaim all responsibility, including in negligence, for all consequences of any person acting on, or refraining from acting in reliance on, information contained in this publication. more

Tourism and Hospitality Committee

While being the crossroads of times and roads, Uzbekistan is the most historically fascinating of the Central Asian republics and one of the greatest tourist destinations of the world. Within it are some of the oldest cities in the world, some of the Silk Road's main centers and most of the region's architectural splendors. It worth to visit the ancient cities of Bukhara, Samarkand, Khiva, Kokand, where every stone tells a story. more

Feature Article -
Review of the Uzbekistan insurance market

As a result of first nine months of the year 2006 cumulative insurance premiums, collected by the insurers of Uzbekistan, exceeded the level of 2005 year by 11.4% and represent 34,4 billion Soum. At the same time insurance market penetration is still at a low level and represents less than 0.28% of GDP, premium density per capita is circa $1.5. The main type of insurance services in the portfolio of national insurers is voluntary property insurance, which represents 75% of all receipts from insurance premiums, of which a fourth of receipts from property insurance refers to aircraft insurance. Receipts from voluntary liability insurance 11% and personal insurance 7% still remain at a low level. There is a tendency of decreasing compulsory types of insurance, from 6.9% in 2005 to 6.7% in 2006. Constant trend on decrease of insurance tariffs, during 1Q2006 insurance obligations increased by 5.4% while insurance premiums decreased by 2.6%. more

Past Events

Past Events – AmCham Business Mixer (November 30, 2006).
The Business Mixer for November 2006 was sponsored by NBW and was held in the Jet Set Restaurant.

Past Events – AmCham Business Mixer (October, 2006).
The Business Mixer for October 2006 was sponsored by Ansher Group AG and was held in the Irish Pub & Restaurant. more

Who are the Members of AmCham?
NUKEM, Inc. - Corporate Profile

NUKEM, short for Nuklear Chemie und Metallurgie GmbH, is a worldwide diversified engineering company engaged in a range of activities covering chemicals, engineering, and nuclear services.  Since the late 1960s, the NUKEM group has been supplying uranium concentrates, conversion, low-enriched uranium, and other nuclear fuel-related services to electric utilities around the world.

NUKEM, Inc. based in Danbury, Connecticut, is a wholly owned subsidiary of NUKEM GmbH.  It is involved primarily in supplying nuclear fuel to leading utilities around the globe. Together with the Nuclear Services Division of NUKEM GmbH, NUKEM, Inc is the world's largest intermediary for sourcing, financing and marketing uranium, and conversion and enrichment services. NUKEM is the third largest uranium supplier in the world - delivering more than 15 million pounds of U3O8 annually. more

Who are the Members of AmCham?

Ansher Group AG is the leading industrial & financial group in Central Asia. Headquartered in Zurich, the Group consists of 11 operating companies. Having gained its strong position in Central Asia, Ansher Group is actively expanding its operations internationally. Currently Ansher Group AG has operational offices in Zurich, Tashkent, Almaty, London and representative offices in Moscow, Brussels, New-York, Dubai, Seoul, Kuala Lumpur, which provide access to the capital markets of Uzbekistan as well as to other Central Asian countries for international and local investors. At the same time Ansher Group provides access for Central Asian companies to global financial markets. Ansher Group AG is planned to be listed at Frankfurt Stock Exchange in six months. more

What is New in the Legislation of Uzbekistan?

- Laws of the Republic of Uzbekistan

The Law “On Courts of Arbitration” (#ZRU-64) was adopted on October 16, 2006. The law is to regulate relations in the sphere of the courts of arbitration establishment and practices in the Republic of Uzbekistan. Thus, permanent and temporary courts of arbitration may be formed. According to the Law, the state authorities will not be entitled to form courts of arbitration and be the parties of any arbitration agreement. Besides, the courts of arbitration will not have a capacity of   legal entities.  They may be formed by the legal entities and act as their attached bodies.
Courts of arbitration should settle disputes arising from the civil matters, including economic disputes between the entities of entrepreneurship. On the other hand, disputes arising from the administrative, family and labour legislation, as well as the other disputes envisaged by the law, will not be in the competence of such courts.
Records maintaining procedure for the courts of arbitration will be specified in the Provisions to be approved by the Cabinet of Ministers.

The law becomes effective on January 1, 2007. more

Business Connections #6/2007

Business Connections #6


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